FSCS Protection: The Limit, Shared Banking Licences and Temporary High Balances

The Financial Services Compensation Scheme (FSCS) pays you back if a UK-authorised bank, building society or credit union fails and can’t return your money. For most savers the only things to check are the limit, and whether two of your banks count as one.

The limit

The FSCS protects up to £120,000 per eligible person, per bank, building society or credit union. The limit rose to £120,000 on 1 December 2025; it was £85,000 from 30 January 2017 until then.

• The limit is for the total you hold with the bank, across all your accounts with it, not for each account.
• Your provider must be authorised by the Prudential Regulation Authority. You can check on the Financial Services Register, or look for the FSCS Protected badge.
• If you have a business account as well as personal accounts at the same bank, a limited company or LLP gets its own limit, but a sole trader’s business and personal accounts share one.

Brands that share a limit

Several brands can belong to the same bank, and the FSCS then treats all your money with them as held with one bank. The FSCS protects up to £120,000 per person at each authorised bank, so brands that belong to the same bank share one limit: for example Halifax and Bank of Scotland share one, while Lloyds Bank has its own; NatWest and Royal Bank of Scotland are separate banks; and Virgin Money now shares Nationwide's.

The groups for the largest UK banks:

• Lloyds Bank plc: Lloyds and Lloyds Bank accounts with a sort code starting 30 or 77.
• Bank of Scotland plc (a separate limit from Lloyds Bank plc): Halifax, Bank of Scotland, and Lloyds accounts with a sort code starting 11.
• National Westminster Bank plc: NatWest, Ulster Bank, First Active, Mettle, NatWest Premier and NatWest Boxed.
• The Royal Bank of Scotland plc (a separate limit from NatWest): Royal Bank of Scotland, Child & Co, Holts and Drummonds.
• HSBC UK Bank plc: HSBC UK, HSBC Private Bank, first direct, M&S Bank and M&S Savings and Investments.
• Santander UK plc: Santander, cahoot, Santander Business and Santander Corporate & Commercial.
• Barclays Bank UK PLC: Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank.
• Nationwide Building Society: Nationwide and Virgin Money.

For any other bank, the Financial Services Register shows which brands share a licence, and most banks list their brands on their own FSCS page.

Joint accounts

A joint account is protected up to £120,000 for each eligible holder, so £240,000 for a couple. Your share of a joint account and any accounts you hold on your own with the same bank count towards the same £120,000.

Temporary high balances

• The balance comes from a qualifying life event: selling or buying your main home (not a second home) or equity release; an inheritance, insurance payout or retirement benefits; redundancy, divorce or the end of a civil partnership, or compensation; personal injury compensation or disability or incapacity benefits.
• Protection is up to £1,400,000 per person, per qualifying event (unlimited for personal injury, disability or incapacity), and each joint account holder can be protected up to that amount.
• It lasts 6 months from when the money becomes legally yours or is first paid in; moving the money keeps the protection but doesn't restart that period.
• You need to claim with evidence, such as sale documents, a will or probate papers; the FSCS can't confirm protection until a bank has failed.

If your bank fails

The FSCS pays compensation within seven working days of a bank, building society or credit union failing, and does it automatically: you don’t need to do anything. Temporary high balance claims take longer, and you contact the FSCS for an application form; it aims to pay eligible claims within three months once it has the evidence.

Savings platforms, investments and NS&I

• Savings platforms spread your money across accounts at several banks. Each underlying bank’s limit applies, and money you hold there directly counts towards the same limit.
• Investments are protected differently. If an authorised investment firm fails and there’s a shortfall in the money or investments it holds for you, the FSCS can pay up to £85,000 per person, per firm. It never covers an investment simply falling in value. Money market funds are investments, not deposits.
• NS&I isn’t part of the FSCS: it’s backed by HM Treasury, which secures 100% of the money you hold with it.

For more than £120,000, see where to put a large sum.

Related guides

• Savings accounts guide: the account types, average rates, tax and protection in one place
• Where to put a large sum: splitting money across banks, and NS&I
• What happens if a bank goes bust: current accounts and the claims process
• How to find the best savings account: checking protection before you open an account